The Russellville Democrat., 1887-07-20
Democracy and the Great Fi-
 nancIal Conspiracy.
Little Rock Gazette.

nancIal Conspiracy.
 Little Rock Gazette.
 We find tlls gong the rounds. credited 10 Hazards Circular, issu. cd in England m 1862, and address. cd to American bankers, bondholders and other capitalists:
 slavery is likely to be abolished by the war power, and chattel slavery to be destroyed. This, we Europeans are in favor of, for slavery is but the owning of labor and carries with 1t to care for the laborer; while our plan IS for capi- tai to control labor by controlling wages. This can Dc done by controll- ing money. The great debt that capi- talists will sec to 1t is made out of this war must be used as the means to con- trol the volume of money. To accom- plish this they (the bonds must be lis- cd as the banking basis.
 We are now waiting to get the secretary of the treasury to make the recommendation to congress. It will not do to allow the greenbacks to eireu- late as money for any length of time, for we cannot control them; but we ein control the bonds, and through them the bank issues"
 The great capitalists engaged in speculation were as selfish twenty. five years ago as they are now. They took advantage of the necessi ties of tue government, which was compelled to issue bonds by the hundreds of millions. The green hack issues amounted to $400,000,- 900.
 It was the desire of these great capitalist to control the country's currency, and also every form of valuable security, It was In the days of republican administration, whose leading spirits have always paid court to the money power, and they succeeded in part. They bought tho bonds with greatly de preciated greenbacks, they secured limit of the greenback issue to $400, 900, 900, and had impressed on the republican managers the view that the national banks alone should furnish currency to the peo pie.
 Remember, this was done under republican administration, that par ty controlling the executive, legisla- tive and judical departments of the government. The democrats were powerless.
 But after democracy began to show strength all these tendencies were checked, and the tide began slowly to turn the other way. The interest rate on the bonds was reduc ed. NIT. Carlisle's bill to reduce the interest ~u one class Of bonds to 3 per cenA @as passed during Hayes administration and vetoed by a re- publican president. Democratic pressure afterward forced the secre- tary of the treasury to issue 3 per cents subject to call, the last dollar of which has been redeemed.
 "It will not do to allow the green backs to circulate as money for any length of time" So said the Haz gard circular in 1862. But this plot failed after reducing the total issue from $400, 100000 to S346, 100000. The greenback has been currency twenty five years; It is prime favor ite with the democratic masses, who will not permit it's withdrawal from and the supreme court has decided that congress possesses authority to increase the greenback issue without limit. There is not much comfortin facts of thls kind for the authors of the circular, yet de- mocracy must be shorn of It's power before another movement can be made in developing the old repub bli- can plot of 1862.
 "We can control the banks, and through them the bank issues" This, also, from the Hazard circu- lar. Doubtless they could temporari- ly control the form of security on which the currency of the banks was based. To all appeals and demands to perpetuatc these institutions as banks of issue after payment of the government bonds democracy an swered "No," and meant it. But for stubborn, persistent democratic op position, made more formidable by the steady increase of democratic power in the country, the plot would have succeeded. Democratic con demnation restricted it's authors to the legal rights acquired when the voice of democracy was too fee ble to be heard.
 The rise of silver was not contem plated by the authors of the Hazard circular. In obedience to the will of the money power the coinage of standard silver ceased. A few years later, Tn obedience to public con demnation ofthe act, this coinage was resumed. Democracy led in that popular condemnation, as de- mocracy led also in forcing nnlimi- ted issue of gold and silver certif- cates as currency, bottomed dollar for dollar on coin.